27 Jan

House prices 'becoming more affordable'

House prices 'becoming more affordable'

UK house prices are becoming increasingly affordable as the market adjusts, an expert has stated.

New figures from property website Hometrack have indicated a fall of one per cent this month and the firm's director of research, Richard O'Donnell, has said this situation - the 16th successive drop - shows that sellers are finally realising that "realistic pricing is vital" if they want to achieve a sale.

Such an understanding is "an important step" in the process of market adjustment, he commented.

Mr O'Donnell added that the improvement in affordability has also brought about a "modest" increase in interest from buyers, although he suggested that the extent to which this trend progresses in the coming months will depend on the wider economic picture.

Earlier this month the National Association of Estate Agents said there had been a "slight" rise in buyer interest last month and a larger one so far in January.

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